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Macroeconomic Factors Review

Change in market prices for oil and petroleum products

The price of oil and petroleum products on the global and Russian markets is the main factor that influences the results of the Company’s operations.

Petroleum product prices on the global market are primarily determined by the level of global oil prices, the supply of and demand for petroleum products and the level of competition on different markets.

Price dynamics on the international market, in turn, influence prices on the domestic market. The price dynamics vary for different types of petroleum products.

The Company’s management has decided that the Russian rouble shall be the Company’s reporting presentation currency. The functional currency of each subsidiary shall be the currency of the economic environment in which the company is engaged in operations, which is the Russian rouble for most companies.

The Company performed its operating activities in 2014 amidst a 5.9% increase in producer prices and a 21% increase in the value of the USD vs. the RUB.